February 20, 2009

Even The Elites Are...Suffering? Cravath Profits Slide

It looks like partners at Cravath will have to cut back a bit this year. The paint job on the Amagansett house is going to have to wait. This from the Wall Street Journal Law Blog:

According to AmLaw, Cravath — arguably the most gilded law-firm name in the country — saw its 2008 gross revenue fall 13 percent, while profits per partner tumbled 24 percent.

Last year’s revenue was $532.5 million, compared to $610 million in 2007. Last year’s profits-per-partner were $2.5 million, compared to $3.3 million in 2007, a figure that was second only to that posted by New York’s Wachtell, Lipton, Rosen & Katz.